The Manitowoc Company, Inc. (MTW) 10-K 2004 FY Annual report

Exhibit 12.1

The Manitowoc Company, Inc.

Statement of Computation of Ratio of Earnings to Fixed Charges

(in thousands, except ratio data)

	For the year ended December 31,
	2004			2003			2002			2001			2000			1999
Earnings from continuing operations, before income taxes	$	49,129		$	21,995		$	65,079		$	72,269		$	88,771		$	94,405
Fixed charges	63,762			62,834			58,729			42,275			15,509			12,374
Total earnings available for fixed charges	$	112,891		$	84,829		$	123,808		$	114,544		$	104,280		$	106,779
Fixed charges:
Interest expense	$	52,594		$	47,791		$	47,872		$	34,204		$	12,137		$	10,143
Amortization of deferred financing costs (1)	4,301			9,110			4,091			3,204			672			637
Portion of rent deemed interest factor (2)	6,867			5,933			6,766			4,867			2,700			1,594
Total fixed charges	$	63,762		$	62,834		$	58,729		$	42,275		$	15,509		$	12,374
Ratio of earnings to fixed charges	1.8		x	1.4		x	2.1		x	2.7		x	6.7		x	8.6		x

Notes for explanations:

Note - 2002 and 2003 amounts have been restated for the discontinued operation of Delta Manlift SAS

(1) Amortization of deferred financing costs is included in interest expense in the company’s Consolidated Statement of Operations:

Interest expense per Consolidated Statements of Operations	$	56,895	$	56,901	$	51,963	$	37,408	$	12,809	$	10,780
Less amortization of deferred financing costs	4,301		9,110		4,091		3,204		672		637
Interest expense	$	52,594	$	47,791	$	47,872	$	34,204	$	12,137	$	10,143

(2) One third of all rent expense is deemed representative of the interest factor